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| Diesel prices hiked by 45 paise a litre from Saturday, third increase since January | | | agencies
New Delhi , Mar 23 : Diesel price has been hiked by 45 paise per litre from Saturday, which is the third increase since January 17 Cabinet decision that empowered state oil companies to raise diesel rates in small dozes every month till all revenue losses are eliminated. After local levies, diesel will be costlier by 51 paise in Delhi, 57 paise in Mumbai, 53 paise in Kolkata and 55 paise in Chennai, Indian OilBSE -2.88 % Corp executives said. Oil firms had deferred their plan to raise diesel rates on March 16 because the Parliament was in session and even the small hike in diesel price could have disrupted its proceedings, executives in oil companies said. The fuel price was last revised on February 16 by 45 paise. "Oil companies decided to wait for a few more days; also because their revenue losses on the fuel dropped by over 2.60 paise per litre due to a sharp decline in international crude prices," a senior executive of IOCBSE -2.88 % said, requesting anonymity. Oil firms had slashed petrol rates sharply by 2.40 per litre on March 16 as international crude oil prices fell by over $5 per barrel.
Fuel rates in India are highly dependent on global fuel prices because the country imports 80% of its crude oil requirements. IOC said in a statement that even after the current price hike, the company was incurring a revenue loss of 8.19 per litre. Oil firms' revenue loss on the fuel was about 11.26 per litre in the previous fortnight. |
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